Regulatory Alerts2024-10-03
Added · Updated
Draft Instructions for Licensing Insurance Intermediaries, Regulating Their Activities and Responsibilities
The Central Bank of Jordan issues draft instructions establishing licensing requirements, capital thresholds, and operational conditions for insurance intermediaries, including intermediaries, brokers, and managers of insurance affairs. The document mandates minimum capital of 5,000 to 10,000 JOD depending on the insurance branch, requires specific educational qualifications and professional experience for key personnel, and sets out procedures for application, examination, and renewal. It further defines obligations regarding data reporting, changes in information, and administrative penalties for non-compliance.